Prosecuting wall street fraud: the US economy is a giant ponzi scheme

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investorzzo's picture
investorzzo
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Prosecuting wall street fraud: the US economy is a giant ponzi scheme

Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky and the Wall Street Journal all say that the U.S. economy is a giant Ponzi scheme. Virtually all independent economists and financial experts say that rampant fraud was largely responsible for the financial crisis.

But many on Wall Street and in D.C. - and many investors - believe that we should just "go with the flow". They hope that we can restart our economy and make some more money if we just let things continue the way they are.
But the assumption that a system built on fraud can continue without crashing is false.
In fact, top economists and financial experts agree that - unless fraud is prosecuted - the economy cannot recover.

Listen to Greenspan now?

http://www.globalresearch.ca/index.php?context=va&aid=22395

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ao
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Re: Prosecuting wall street fraud: the US economy is a ...

Bernanke's reaction to what Greenspan says at 0:21 says it all.

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Re: Prosecuting wall street fraud: the US economy is a ...

"unless fraud is prosecuted - the economy cannot recover"

ERRRRR......  sorry, but "the economy cannot recover", period.  Revenge may be sweet, but it won't fix anything...

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Re: Prosecuting wall street fraud: the US economy is a ...
investorzzo wrote:

In fact, top economists and financial experts agree that - unless fraud is prosecuted - the economy cannot recover.

Listen to Greenspan now?

http://www.globalresearch.ca/index.php?context=va&aid=22395

Teased from your link:

According to David M. Sachs, a training and supervision analyst at the Psychoanalytic Center of Philadelphia, the crisis today is ... one of trust. "Abusive financial practices were unchecked by personal moral controls that prohibit individual criminal behavior, as in the case of [Bernard] Madoff, and by complex financial manipulations, as in the case of AIG." The public ... has suffered a trauma of loss similar to that after 9/11.

It gets worse, I fear... We're all living Beyond the Trust Horizon:

The Tea Party movement is a ground-swell of public anger... exactly what one would expect to see at the brink of a collapse in the trust horizon - a movement grounded in negative emotion that both stems from a loss of trust and in turn acts to aggravate it in a self-reinforcing positive feedback loop...

The Tea Party movement represents largely (but not solely) the unfocused anger of people who know they have suffered, or are about to suffer, substantial losses... <and are> casting about for someone to blame... The danger is that someone with facile <fascist? FJ> populist answers will come along, offering a target for the urgent desire to blame someone for what has happened...

This is already happening... It is absolutely to be expected that existing top-down power structures, or political opportunists with their own agenda, will seek to hijack bottom-up movements as they develop. My primary concern is that in doing so they will lay the foundation for a society attempting to live far beyond the trust horizon, and where there is no trust, and consequently no political legitimacy, there will be surveillance, coercion and repression instead.

I'd better cross-link this to the Increasingly Lawless Society thread... Because who ARE you gonna call?

Working within the trust horizon is important, as it means individual small-scale initiatives can benefit from the same kind of social support at a local level that larger-scale ones once did at a societal level, when trust was more broadly inclusive. Local currencies work for exactly this reason. While the task will still be difficult, it has a chance of being achievable, especially where the necessary relationships of trust have been established before hard times set in. It is very much more difficult to build such relationships after the fact, but relationships built beforehand may actually strengthen when put to the test.

Better cross-link to the Creating Community thread too. You don't have to be friends with your neighbors -- you just need to be neighborly. Because they're who you call.

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Re: Prosecuting wall street fraud: the US economy is a ...

I wrote my congressmen in Michigan, both of them, and asked them:  why is our country bankrupt?   NO ANSWER.  I wrote again:  why aren't there people going to jail for this massive fraud?  AGAIN NO ANSWER BACK.  I wrote again,  why aren't there any congressmen going to jail for the plunder they created for our country?  STILL NO ANSWER... I HAVE CONCLUDED THAT IN WASHINGTON,  THE LIGHTS ARE ON BUT no one is HOME.  THEY ARE PARTYING AND HAVING A BALL...  OFF WITH THEIR HEADS!!!!!!!!!!!

 

PS  how do congressmen that make 250k per year amass 10s of millions of dollar estates????? hmmmmm?   front running perhaps, pay to play politics, fraud, corruption, need i go on...I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

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Re: Prosecuting wall street fraud: the US economy is a ...
nickdanger wrote:

I wrote my congressmen in Michigan, both of them, and asked them:  why is our country bankrupt?   NO ANSWER.  I wrote again:  why aren't there people going to jail for this massive fraud?  AGAIN NO ANSWER BACK.  I wrote again,  why aren't there any congressmen going to jail for the plunder they created for our country?  STILL NO ANSWER... I HAVE CONCLUDED THAT IN WASHINGTON,  THE LIGHTS ARE ON BUT no one is HOME.  THEY ARE PARTYING AND HAVING A BALL...  OFF WITH THEIR HEADS!!!!!!!!!!!

 

PS  how do congressmen that make 250k per year amass 10s of millions of dollar estates????? hmmmmm?   front running perhaps, pay to play politics, fraud, corruption, need i go on...I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

Now if we can just wake up the rest of America, maybe we can start something...........Network...........

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Re: Prosecuting wall street fraud: the US economy is a ...

we will need a cattle prod with HIGH VOLTAGE

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Re: Prosecuting wall street fraud: the US economy is a ...
investorzzo wrote:
nickdanger wrote:

I wrote my congressmen in Michigan, both of them, and asked them:  why is our country bankrupt?   NO ANSWER.  I wrote again:  why aren't there people going to jail for this massive fraud?  AGAIN NO ANSWER BACK.  I wrote again,  why aren't there any congressmen going to jail for the plunder they created for our country?  STILL NO ANSWER... I HAVE CONCLUDED THAT IN WASHINGTON,  THE LIGHTS ARE ON BUT no one is HOME.  THEY ARE PARTYING AND HAVING A BALL...  OFF WITH THEIR HEADS!!!!!!!!!!!

 

PS  how do congressmen that make 250k per year amass 10s of millions of dollar estates????? hmmmmm?   front running perhaps, pay to play politics, fraud, corruption, need i go on...I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

Now if we can just wake up the rest of America, maybe we can start something...........Network...........

The "something" has already started to some degree.  The last election was a beginning.  While both major political parties in Washington DC are at fault for the current mess we find ourselves in, it is a fact that only the republican party is now trying to wade their way into it.  For instance, it was the dems (Clinton, Franks, and others I can list if people are interested) that got after mortgage lenders to losen standards and instructed Fannie/Freddie to start accepting these mortgages.  There are a aircraft carrier of private sector people (both repubs and dems) that jumped on that wagon (pure greed and no morals) and started passing out mortgages and selling them to the wall street crowd for use in the construction of packaged securities (CDOs etc:) and tried to sell them to everyone in the world.  Thousands of people made millions of dollars running our housing market into the ground triggering the current situation.  The Fed Res and the Fed Gov decided to move the toxic debt from the private sector to the public sector to save the very ones who did  this to us.  ACK !!!  So, thousands of people just walked off will millions of dollars in their pockets and will live very well for the rest of their lives.  The rest of us get a poop sandwich with a pickle.

You are right.  The current crop of politicians are protecting these people.  We have to get the politicians out that let this happen then protected the guilty.  At a minimum, many of the banks, ratings companies (very guilty), Fannie/Freddie top dogs, and others who allowed this to happen could be prosecuted for gross breach of their fiduciary responsibilities and fined/jailed.  I am not a lawyer but I imagine many could be jailed for fraud.  People who sold CDOs built on sub-prime mortgages to old people for retirement security are clearly guilty of fraud.  They deliberately misrepresented the products they were selling to the public and made a load of money doing it.

Get the politicians out that were in power during this time and let the new repubs and dems have a chance.  Maybe we willl see some action in this area.

 

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Re: Prosecuting wall street fraud: the US economy is a ...
nickdanger wrote:

PS  how do congressmen that make 250k per year amass 10s of millions of dollar estates????? hmmmmm?   front running perhaps, pay to play politics, fraud, corruption, need i go on...I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

+10,000

This is what really pisses me off.  There is no way that these people can cycle in and out of government and lobbying and make this kind of money without literally selling their public influence to the highest bidder.  Even if what they are doing is technically legal, what they are really doing is trading my tax dollars for personal gain. It is really not very different (except in magnitude) than a cop that takes a bribe to fix a ticket.

They are often so blatant about it they are naming roads/buildings after themselves and are treated as heros in their home area.  See Jack Murtha, Robert Byrd, Ted Stevens, Charlie Rangel,.... for examples.  I try not to think about it too much because it is just too depressing.

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Re: Prosecuting wall street fraud: the US economy is a ...
nickdanger wrote:

...I'M MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

Okay, the abundant use of caps in most of your posts has adequately conveyed your displeasure.  To varying degrees, we are all pissed off about things.

Three questions:

1.  Have you watched Crash Course?  If so, what did you think?  If you haven't watched it, why not?

2.  What do you think is the end state?  Have you done the Self Assessment Chris M provides on this site and developed an action item list based on your specific situation and what you think is going to happen?

3.  What are you doing to prepare for the end state you think is coming?

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Re: Prosecuting wall street fraud: the US economy is a ...

This stuff pisses me off, too.... I don't understand how "We the people...." lost control of our country..... Don't these politicians realize they work for us!!? Not the other way around.

I have also considered writing my congressmen, but it's pointless..... I used to....

If any of us average joes did such things, we would be in the slammer for life, period.

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Re: Prosecuting wall street fraud: the US economy is a ...
txgirl69 wrote:

 I don't understand how "We the people...." lost control of our country..... Don't these politicians realize they work for us!!? Not the other way around.

I believe your democracy died around the time that JFK was assassinated, circa 1963.

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Re: Prosecuting wall street fraud: the US economy is a ...

I don't understand how "We the people...." lost control of our country

Because stuff like this happens...

http://www.bloomberg.com/news/2011-01-03/obama-said-to-consider-william-daley-for-top-white-house-post.html

President Barack Obama is considering naming William Daley, a JPMorgan Chase & Co. executive and former U.S. Commerce secretary, to a high-level White House post, possibly as his chief of staff, people familiar with the matter said.

Such a move, which is still under discussion and which White House officials wouldn’t confirm, would bring a Washington veteran and someone with strong business ties into the administration as Obama enters the second half of his term. The president is faced with a Republican majority in the House of Representatives and is trying to accelerate the U.S. economic recovery while addressing the budget deficit.

2011 is shaping up to be like 2010, and 2009, and 2008...

 

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Re: Prosecuting wall street fraud: the US economy is a ...

If you look real good at Obama's staff,  it is packed with people that are connected with the Elites via the Federal Reserve.  follow the money! [Moderator's note: This belongs in the CT folder.]

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Re: Prosecuting wall street fraud: the US economy is a ...

I'm tempted to say there should be laws against appointing people to a position that poses a conflict of interest, but I support small government, which might contradict the first part of the statement.....Yell

 

 

 

 

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Re: Prosecuting wall street fraud: the US economy is a ...

The Washington behaviors bring shame upon all Americans.  It is shocking what goes on.  The shenanigans around the passing of Obamacare was the most amazing dirty behavior I have seen yet.  It seems like every administration lowers the bar even lower.  Txgirl69 in on the right track.  Cut the government, cut it way back.  Focus our money and energy on the right things like wall street criminals.  The revolving door in DC can be controlled but the politicians have to want to control it.  You are going to need a lot of tea party types if you expect that to happen.

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Re: Prosecuting wall street fraud: the US economy is a ...
nickdanger wrote:

If you look real good at Obama's staff,  it is packed with people that are connected with the Elites via the Federal Reserve.  follow the money! [Moderator's note: This belongs in the CT folder.]

Let's amend it to say that many of Obama's top administration officials (both present and proposed) are tied to top financial institutions including the Federal Reserve, Goldman Sachs (especially Goldman Sachs), JPMorgan Chase, etc. and their decisions repeatedly and almost invariably favor those financial institutions over the citizenry of the country.  That's not CT, not opinion, not belief but fact.

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Re: Prosecuting wall street fraud: the US economy is a ...

ao - amen...

Same type of crap went on with the bush gig also (and I voted for bush twice).

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Re: Prosecuting wall street fraud: the US economy is a ...

 

In the late 1800s corporations became 'people' in the eyes of the law.  At that point corporate free speech became protected by the constitution.

Is it any wonder that government panders to the whims of corporate interests?  They are able to grease the system with monies in a way that few individuals can.

It has been down hill in terms of having our voices heard ever since.

John

 

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